Cardano [ADA] has a lot of new innovations to be implemented and brought out to the use of the society and their new hot topic is the proof-of-stake algorithm called Ouroboros. They have developed three algorithms with modifications called Ouroboros, Ouroboros Praos and the latest being Ouroboros Genesis.
Ouroboros is the first ever mathematical protocol that has proven to be secure and also the first ever to have gone through a peer review through its acceptance to crypto last year. The papers on Ouroboros Praos got recently accepted at the Eurocrypt-2018 conference in Israel, one of the most prestigious conferences as they are now working on Ouroboros Genesis for an even advanced algorithm.
The basic idea of these is to determine how individual nodes reach consensus about the network. It aims to eliminate the requirement for an energy-hungry proof-of-work protocol. This is important because that protocol stands as a barrier to blockchain scaling.
According to the Founder of IOHK, Charles Hoskinson’s interview at Epicentre earlier this week, he says things have to be done in order and that’s what they have been following. Their first goal for 2017 was to get a product in the market followed by a plant to work on it in 2018.
The idea was to move towards specification driven development, fully decentralize the system, turn to smart contracts system and get everything rolling out.
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